Verizon to buy Frontier for $9.6 billion, says it will expand fiber network

Enlarge / A Verizon FiOS truck in Manhattan on September 15, 2017. (credit: Getty Images | Smith Collection | Gado)

Verizon today announced a deal to acquire Frontier Communications, an Internet service provider with about 3 million customers in 25 states. Verizon said the all-cash transaction is valued at $20 billion.

Verizon agreed to pay $9.6 billion and is taking on over $10 billion in debt held by Frontier. Verizon said the deal is subject to regulatory approval and...